Well Power Inc. update on Pilot Project collaboration
April 22, 2014 --
HOUSTON, TX, April 22, 2014 /PRNewswire/ -Well Power, Inc. (OTCQB:WPWR),- (The Company), is pleased to announce that the Company in cooperation with ME Resource Corp.("MEC"), the licensor of Well Power Inc.'s Micro-Refinery Unit ("MRU"), for the implementation of a MRU Pilot Project in the licensed territory. The deployment and operation of a Pilot Project is an obligation of Well Power Inc.'s Licensing Agreement, whereby the Licensing Fee paid by the Company will be directed to this purpose.
The Pilot Project Collaboration (the "PPC") will give Well Power Inc. direct access to the resources of ME Resource Corp., specifically those related to the design, development, engineering, deployment and integration of the MRU.
These resources include access to ME Resource Corp.'s partners and affiliates. One such partner is Waste Stream Energy Corp. ("WSE"), MEC's subsidiary. WSE, in joint-venture with ABS Electric Group Inc. ("ABS"), a fully integrated power generation and electrical company in the Alberta Oil and Gas industry, will lead the development of the MRU. The Company will have full access to WSE and ABS resources for the PPC. For more information on ABS please visit their website at www.abselectric.com.
ME Resource Corp. has also established a Research and Development Program (the "Development Program") at cole Polytechnique de Montreal's ("Ecole Polytechnique") Department of Chemical Engineering for the MRU.This Development Program is being conducted under the supervision of Professor Gregory Patience, P.Eng, PhD who is responsible for the technical and financial aspects of the Program. Professor Patience, in conjunction with his team, will assist in Well Power Inc.'s Pilot Project.
Professor Patience has chaired the industrial program of the World Congress of Chemical Engineering (2009) and co-chaired international conferences in Burundi, Africa on sustainable development and fighting malaria - a project he initiated in 2010.
The Development Program is supported by a team of post-doctoral fellows and research associates with expertise ranging from catalysis and catalysis design to gas processing and reaction engineering. Dr. Daria C. Boffito, PhD (Industrial Chemistry, Milan University) has oversight over the continued development of the proprietary catalyst. Dr. Seyedali Mohammadalizadeh (Ph.D., Chem. Eng., Tehran) and Dr. Seyed-Mahdi Jazayeri (Ph.D., Chem. Eng., Tehran) lead efforts around process optimization, design, flow sheeting and heat and material balances.
Well Power Inc.'s Director, Dr. Cristian Neagoe, (Ph.D. Chemistry, Bucharest, B.Sc. Chem. Eng. Polytechnique Montreal), leads the implementation of the experimental program and equipment manufacture and maintenance.
Upon completion of the Pilot Project the Company will maintain these relationships for the continued development of the MRU. Specifically, the Development Program will lead to further optimization of efficiencies and will be able to assist with the ongoing integration of the technology with existing infrastructure and monitoring.
The Company will now engage the oil and gas sector to identify an industry partner for its Pilot Project. The initial phase is to study the specific characteristics of the operators wasted natural gas. With this understanding, Well Power Inc. and its newly established PPC will design and implement a Pilot Project.
For more information on the Company please visit our website at www.wellpowerinc.com.
About Well Power, Inc. (the "Company")
The Company has acquired an exclusive license from MEC, a Canadian publicly listed company that is developing mobile and scalable Wellhead Micro-Refinery Units (MRUs) deployable close to the wellhead to process raw natural gas into liquid fuels and clean power. As a result of the License Agreement, the Company is now a development stage company seeking to commence the new business of distributing MRUs in the State of Texas and from there into other geographical areas.
The Company is looking to position itself as a technology company, which will provide oil and gas producers and operators a solution to process otherwise wasted natural gas, including stranded, shut-in, flared and vented gas and produce valued end-products including Engineered FuelTM (diesel, diluents, synthetic crude) and electrical power.
For more information about the Company please visit our website at www.wellpowerinc.com
Further information on the Company and its filings can be found at www.sec.gov
Forward Looking Statements
Some information in this document constitutes forward-looking statements or statements which may be deemed or construed to be forward-looking statements, such as the closing of the share exchange agreement. The words "plan", "forecast", "anticipates", "estimate", "project", "intend", "expect", "should", "believe", and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Well Power, Inc., herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Well Power, Inc., disclaims any obligation to update forward-looking statements contained in this estimate, except as may be required by law.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
SOURCE Wellpower inc.
Copyright 2014 PR Newswire. All Rights Reserved